Tech firms want to disrupt banking, and it will be hard to stop them. If regulators value financial inclusion and customers want innovation, small banks are fighting the tide, writes GinaChon.
Uber Technologies on Oct. 28 announced Uber Money, a program that will allow the ride-hailing firm to pay its drivers in real time, and could eventually include offering bank accounts for consumers.
The U.S. Federal Deposit Insurance Corp is considering a deposit insurance application by Japan’s e-commerce firm Rakuten, which wants to establish a U.S. bank through an industrial loan company charter. The regulatory agency hasn’t approved such an application in more than 10 years. Congress imposed a three-year moratorium on ILCs applying for deposit insurance in the 2010 Dodd-Frank Act. Payments firm Square has also applied for deposit insurance.
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